Crude futures settle lower

Oil prices fell on Tuesday.

The West Texas Intermediate for April delivery dropped 68 cents, or 1.03 percent, to settle at 65.63 U.S. dollars a barrel on the New York Mercantile Exchange.

Brent crude for April delivery lost 72 cents, or 1.01 percent, to settle at 70.77 dollars a barrel on the London ICE Futures Exchange.

The UN General Assembly (UNGA) on Tuesday adopted a resolution on the Ukraine crisis, calling for "an immediate and unconditional ceasefire" and "comprehensive, just and lasting peace."

The draft resolution, prepared by Ukraine and a number of European countries, was adopted with 107 in favor, 12 against and 51 abstentions at the UNGA's 11th Emergency Special Session, on the fourth anniversary of the Ukraine crisis.

China was among the countries that abstained from voting, and Russia voted against the draft resolution.

The resolution, which reaffirms commitment to "the sovereignty, independence, unity and territorial integrity of Ukraine within its internationally recognized borders," does not have a legally binding force.

In a statement explaining China's abstention, Counselor Teng Fei of the Permanent Mission of China to the United Nations noted that China's abstention reflects its consistent principled stance on the Ukraine issue.

"China believes that all countries deserve respect for their sovereignty and territorial integrity, that the purposes and principles of the UN Charter should be observed, that the legitimate security concerns of any country should be taken seriously, and that support should be given to all efforts that are conducive to peacefully resolving the crisis," Teng said.

Teng said the Ukraine issue has currently entered a critical stage for promoting a negotiated settlement, with various dialogues and contacts being intensified, especially focusing on the substantive issues of the crisis.

Emphasizing the need for sustained diplomatic momentum and a comprehensive security framework, Teng said that China welcomes all endeavors dedicated to peace.

"China encourages and supports all efforts for peace, and calls on all parties to maintain positive momentum, continue to expand common understanding and strive to reach a comprehensive, lasting and binding peace agreement. It is necessary to solve the root causes and form a more balanced, effective and sustainable European security architecture to achieve long-term peace and stability in Europe," said Teng.

He said that at this critical juncture, China expects the international community to create a favorable atmosphere for promoting the political settlement of the crisis and the UNGA to play a constructive role in rallying the peaceful consensus of member States. China will also continue to make active efforts to promote the political settlement of the issue, he said.